| Computations of Basic and Diluted Income Per Common Share |
Basic income or loss per share attributable to common shareholders is computed as (i) income or loss attributable to common shareholders (ii) less income allocable to participating securities (iii) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common stockholders is computed as (i) basic income or loss attributable to common shareholders (ii) plus diluted adjustments to income allocable to participating securities (iii) divided by weighted average diluted shares outstanding. The following table sets forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders and to diluted income or loss attributable to common shareholders (in thousands except per share amounts):
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Year Ended December 31, 2013 |
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Year Ended December 31, 2012 |
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Year Ended December 31, 2011 |
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Continuing Operations |
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Discontinued Operations |
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Total |
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Continuing Operations |
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Discontinued Operations |
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Total |
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Continuing Operations |
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Discontinued Operations |
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Total |
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Income as reported |
$ |
115,722 |
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$ |
— |
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$ |
115,722 |
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$ |
13,002 |
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$ |
— |
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$ |
13,002 |
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$ |
42,706 |
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$ |
15,320 |
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$ |
58,026 |
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Participating basic earnings (a) |
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(1,975 |
) |
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— |
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(1,975 |
) |
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(460 |
) |
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— |
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(460 |
) |
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(763 |
) |
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(274 |
) |
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(1,037 |
) |
Basic income attributed to common shareholders |
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113,747 |
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— |
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113,747 |
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12,542 |
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— |
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12,542 |
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41,943 |
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15,046 |
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56,989 |
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Reallocation of participating earnings (a) |
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9 |
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— |
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9 |
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— |
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— |
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— |
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3 |
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2 |
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5 |
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Diluted income attributed to common shareholders |
$ |
113,756 |
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$ |
— |
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$ |
113,756 |
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$ |
12,542 |
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$ |
— |
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$ |
12,542 |
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$ |
41,946 |
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$ |
15,048 |
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$ |
56,994 |
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Income per common share: |
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Basic |
$ |
0.71 |
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$ |
— |
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$ |
0.71 |
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$ |
0.08 |
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$ |
— |
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$ |
0.08 |
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$ |
0.26 |
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$ |
0.10 |
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$ |
0.36 |
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Diluted |
$ |
0.70 |
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$ |
— |
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$ |
0.70 |
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$ |
0.08 |
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$ |
— |
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$ |
0.08 |
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$ |
0.26 |
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$ |
0.10 |
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$ |
0.36 |
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(a) | Restricted stock Liability Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses. |
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| Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Common Shares Outstanding |
The following table provides a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands):
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Year Ended December 31, |
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2013 |
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2012 |
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2011 |
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Denominator: |
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Weighted average common shares outstanding – basic |
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160,438 |
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159,431 |
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158,030 |
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Effect of dilutive securities: |
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Director and employee SARs and restricted stock Equity Awards |
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969 |
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|
876 |
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1,411 |
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Weighted average common shares outstanding – diluted |
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161,407 |
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160,307 |
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|
159,441 |
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